The gold price bears no relationship to the real price of gold nor to the major and continuous very high demand for physical gold. The gold price is set in the paper market by the speculators and manipulators. The buyers of physical gold are very fortunate to be able to buy real gold today for prices which have nothing to do with the real value of gold.

China's gold reserves rose by nearly 19 tonnes in July from June, the central bank said on Friday, disclosing its holdings for the second time in two months in a move seen as a Beijing bid to increase transparency.

On July 17, 2015, China updated its official gold reserves as being 1,658.1 tonnes. This represents an increase since the last announcement in 2009 of just 604 tonnes (+57%). This amount is far lower than most expectations of between 2,000 and 4,000 tonnes, including mine. Surprised? Yes, I am.

Most people are blissfully ignorant of the fact that 2007-8 was just a mild rehearsal of what we soon are going to experience. The additional $60 trillion in credit and printed money since then and the lowering of interest rates to zero have given the world the impression that all is now well again.

It is my contention that the Dow/Gold Ratio has just topped out in its uptrend & is soon to head down to new lows (perhaps down to 2:1 or 1:1) The following charts will show why I think that this epic turn has just happened & what should follow.

In a surprising update, the Shanghai Futures Exchange reported one of the largest single-day withdrawals of silver off its exchange today. As of yesterday, the total amount of silver stored at the Shanghai Futures Exchange (SHFE) was 256 metric tons (mt).

With hedge funds net short for the first time ever [3], and Commercial Hedgers are holding the lowest net short position in gold futures since the launch of the gold bull market in 2001, we thought it interesting that - for the first time since 2009, BofAML's fund managers' survey finds Gold is "undervalued."

While key Western banks are artificially restraining gold prices to breathe life into the diluted and devalued dollar system, Russia, China and other emerging economies are involved in "the genial move" to establish an entirely different gold market, F. William Engdahl underscores.

Following Friday's filing by the Duquesne Family Office, we learned that as of the end of Q2, the largest position for Stanley Druckenmiller was none other than gold, following the purchase of 2.9 million shares of the GLD ETF shares. In other words, as of this moment, gold amount to over 20% of Druckenmiller's total holdings.

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